Marino, Immacolata and Pericoli, Filippo and Ventura, Luigi (2010): Tax incentives and household investment in complementary pension insurance: some recent evidence from the Italian experience. Published in: Risk Management and Insurance Review , Vol. 14, No. 2 (2011): pp. 247-263.
This is the latest version of this item.
Download (390kB) | Preview
We show, by a simple difference-in-difference methodology that, contrary to prior research, robustly raising the deductibility limit associated to pension fund holdings in Italy did not succeed in boosting households’ contributions to this form of savings. Some other empirical finding also suggest that this policy measure may have not even increased the average amount of first time contributors to such funds. In view of the specific features of the Italian market for complementary insurance (relatively young and less developed), these empirical results might be of interest to policymakers acting in countries with similar features (for instance, some of the more recent EU members).
|Item Type:||MPRA Paper|
|Original Title:||Tax incentives and household investment in complementary pension insurance: some recent evidence from the Italian experience|
|Keywords:||Pension funds; fiscal incentives; difference-in-difference|
|Subjects:||H - Public Economics > H3 - Fiscal Policies and Behavior of Economic Agents > H31 - Household
D - Microeconomics > D1 - Household Behavior and Family Economics > D12 - Consumer Economics: Empirical Analysis
|Depositing User:||Filippo Pericoli|
|Date Deposited:||09. Feb 2012 14:01|
|Last Modified:||16. Feb 2013 07:02|
Attanasio, O., Banks, J., Wakefield, M. (2004). “Effectiveness of Tax Incentives to Boost (Retirement) Saving: Theoretical Motivation and Empirical Evidence”, IFS Working Paper, n° 33.
Attanasio, O., DeLeire, T. (2002). “The Effect of Individual Retirement Accounts on Household Consumption and National Savings”, The Economic Journal, vol. 112, pp. 504-538.
Auerbach, A., Slemrod, J. (1997). “The economic effects of the Tax Reform Act of 1986”, Journal of Economic Literature, vol. 35, 2, pp. 589-632.
Brandolini, A., Cannari, L. (1994). “Methodological appendix: The Bank of Italy’s Survey of Household Income and Wealth”, in Ando, A., L. Guiso and I. Visco, eds., Saving and the Accumulation of Wealth: Essays on Italian Household and Government Saving Behaviour, Cambridge University Press, Cambridge, U.K..
Busana Banterle, C. (2002). “Incentives to Contributing to Supplementary Pension Funds: Going Beyond Tax Incentives”, Geneva Papers On Risk And Insurance: Issues And Practice, vol. 27, 4, pp. 555-570.
Cesari, R., Grande, G. and Panetta, F. (2007). “La previdenza complementare in Italia: caratteristiche, sviluppo e opportunità per i lavoratori, Bank of Italy”, Questioni di Economia e Finanza, Bank of Italy Occasional Papers, n. 8.
Corneo, G., Keese M., Schroder, C. (2008). “Can Government Boost Voluntary Retirement Savings via Tax Incentives and Subsidies? A Germany Case Study for Low-Income Households”, CAU Economics Working Papers, n° 18.
Disney, R., Emmerson, C., Wakefield, M. (2007). “Tax Reform and Retirement Saving Incentives: Evidence from the Introduction of Stakeholder Pensions in the UK”, IFS Working Paper, n° 19.
Engen, E.M., Gale, W.G., Scholz, J.K. (1996). “The Illusory Effect of Saving Incentives on Savings”, Journal of Economic Perspective, vol. 10, 4, pp.113-118.
Guerra, M.C. (2001). “La previdenza complementare deve essere incentivata fiscalmente?”, CAPP Working Papers, n°2..
Hubbard, R.G., Skinner, J.S. (1996). “Assessing the Effectiveness of Saving Incentives”, Journal of Economic Perspective, vol. 10, 4, pp.73-90.
Laibson, D., (1997). "Golden Eggs and Hyperbolic Discounting," The Quarterly Journal of Economics, vol. 112, 2, pp. 443-77.
Messori, M., (2006). (ed.), La previdenza complementare in Italia, Il Mulino, Bologna.
Paiella, M., Tiseno, A. (2009). “Saving for Retirement and Retirement Investment Choices”, DES Discussion Papers, n°1.
Poterba, J.M., Venti, S.F., Wise, D.A. (1996). “How Retirement Saving Programs Increase Savings”, Journal of Economic Perspective, vol. 10, 4, pp.91-112.
Thaler, R.H. (1994). “Psychology and Savings Policies”, American Economic Review, vol. 84, 2, pp.186-192.
Ventura, L., (2007). “The Italian insurance sector between macro and micro facts: salient features, recent trends, and an econometric analysis.” In: J. David Cummins and Bertrand Venard eds. Handbook of International Insurance. Between Global Dynamics and Local Contingencies. (pp. 347-399). Springer Science, New York.
Yoo, K.Y., de Serres, A. (2004). “Tax Treatment of Private Pension Savings in OECD Countries and the Net Tax Cost Per Unit of Contribution to Tax-Favoured Schemes”, OECD Economics Department Working Papers, n° 406.
Available Versions of this Item
- Tax incentives and household investment in complementary pension insurance: some recent evidence from the Italian experience. (deposited 09. Feb 2012 14:01) [Currently Displayed]